"The ABCs of RBCs" is the first book to provide a basic
introduction to Real Business Cycle (RBC) and New-Keynesian models.
These models argue that random shocks--new inventions, droughts,
and wars, in the case of pure RBC models, and monetary and fiscal
policy and international investor risk aversion, in more open
interpretations--can trigger booms and recessions and can account
for much of observed output volatility.
George McCandless works through a sequence of these Real
Business Cycle and New-Keynesian dynamic stochastic general
equilibrium models in fine detail, showing how to solve them, and
how to add important extensions to the basic model, such as money,
price and wage rigidities, financial markets, and an open economy.
The impulse response functions of each new model show how the added
feature changes the dynamics.
"The ABCs of RBCs" is designed to teach the economic
practitioner or student how to build simple RBC models. Matlab code
for solving many of the models is provided, and careful readers
should be able to construct, solve, and use their own models.
In the tradition of the "freshwater" economic schools of
Chicago and Minnesota, McCandless enhances the methods and
sophistication of current macroeconomic modeling.
General
Imprint: |
Harvard University Press
|
Country of origin: |
United States |
Release date: |
March 2008 |
First published: |
April 2008 |
Authors: |
George McCandless
|
Dimensions: |
239 x 162 x 35mm (L x W x T) |
Format: |
Hardcover
|
Pages: |
421 |
ISBN-13: |
978-0-674-02814-2 |
Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
General
|
LSN: |
0-674-02814-7 |
Barcode: |
9780674028142 |
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